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This Historically Accurate Signal Suggests a Bitcoin Rally to $13K in Q3

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  • Bitcoin is trading almost 12 percent below from its local top near $10,400, but a historically accurate technical indicator hints a trend reversal.
  • The pattern formed on Monday as the short-term moving average of Bitcoin’s hash rate jumped over the long-term moving average, signaling the beginning of a buying setup.
  • Its previous two formations over the last 12 months led the price higher by circa 45 percent.
  • That roughly puts Bitcoin’s next upside target near $13,000 or beyond.

Bitcoin bulls may prefer to hold onto their long-term upside sentiment as the cryptocurrency paints a historically accurate bullish setup.

On Monday, the BTCUSD daily chart flashed a “Buy” signal based on the readings provided by “Hash Ribbons.” The technical indicator combines the short-term moving average of Bitcoin’s hash rate with the long-term moving average.

If the former jumps above the latter, then it points to a growing buying sentiment among traders, as shown in the chart below.

bitcoin, btc usd, bitcoin price, bitcoin volatility, xbtusd, btcusdt,

Bitcoin Hash Ribbons flashes a "Buy" signal. Source: TradingView.com

The blue dot signals the beginning of a bull trend, pointing out that miners, the individuals/firms that mine Bitcoin, are accumulating more Bitcoin than selling them in the retail market. Earlier in April 2020, the same indicator has assisted in propelling the BTCUSD rate 45 percent higher.

Similarly, in December 2019, the arrival of Hash Ribbon’s blue dot sent the BTCUSD rate up by 46 percent. Its formation in January 2019, meanwhile, started a parabolic bull move wherein the pair rose by as much as 250 percent.

A Post-Halving Setup

The Hash Ribbons signal also follows Bitcoin’s third halving, a May 11 event that slashed the cryptocurrency’s daily supply limit from 1,800 BTC to 900 BTC. It initially impacted miners whose mining reward got reduced by half overnight.

Therefore, they started selling their existing Bitcoin holdings to cover their operational costs, driving the cryptocurrency’s price down, as a result.

But with Hash Ribbons signaling a “Buy” setup, it shows miners have reduced dumping their newly minted Bitcoin. That effectively limits the flow of new units into the over-the-counter and retail markets, creating a supply deficit against a steady/rising demand.

That is what halving does in totality: the event keeps Bitcoin deflationary by limiting its supply after every four years. Hash Ribbons, on the other hand, reflects the accumulation/capitulation behavior of miners.

Converging Bitcoin Bullish Indicator

Bitcoin now eyes at least a 45 percent jump after flashing the buy signal. That safely puts the cryptocurrency’s medium-term next upside target near $13,000. But as to when the cryptocurrency would test the said level, one has to look beyond Hash Ribbons.

bitcoin, btc usd, bitcoin price, bitcoin volatility, xbtusd, btcusdt,

Bitcoin's symmetrical wedge pattern in an uptrend breaks bullish 70 percent of all times. Source: TradingView.com

Bitcoin may undergo an upside breakout later in August 2020, based on its symmetrical wedge pattern‘s formation.

The cryptocurrency has been trading inside the ‘red area,’ as shown in the chart above, since May 7, 2020. Its prevailing trend before forming the wedge was bullish, which technical means that there is a 70 percent chance that Bitcoin breaks the pattern to the upside.

The first signs of breakout may appear in the first week of August, the period wherein the Wedge’s two trendlines expects to converge. As Bitcoin breaks above the pattern, it may attempt to test $13,000, the Hash Ribbon’s price target.

Photo by 2Photo Pots on Unsplash

Source: https://www.newsbtc.com/2020/07/13/this-historically-accurate-signal-suggests-a-bitcoin-rally-to-13k-in-q3/?utm_source=rss&utm_medium=rss&utm_campaign=this-historically-accurate-signal-suggests-a-bitcoin-rally-to-13k-in-q3

Blockchain

Kraken Daily Market Report for October 29 2020

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Overview


  • Total spot trading volume at $274.1 million, the volume is slightly up from the weekly average of $245.8 million as Bitcoin went up and down 2% in the second half of the day.
  • Usually one of the least traded coins, REPV2 trading volume was up over 1872% against USD. Similarly, REP was up +158% in terms of trading volume. REPV2 closed the day with only 0.17% returns, while REP closed with a 10% return.

October 29, 2020 
 $274.1M traded across all markets today
 Crypto, EUR, USD, JPY, CAD, GBP, CHF, AUD 
XBT 
$13452. 
↑1.3% 
$172.3M
ETH 
$387.02 
↓0.5% 
$37.9M
USDT 
$1.0004 
↓0.01% 
$28.4M
LINK 
$11.276 
↓1.6% 
$9.45M
BCH 
$267.53 
↓0.3% 
$5.01M
DOT 
$4.0543 
↓7.0% 
$4.39M
XRP 
$0.2424 
↓1.3% 
$3.68M
USDC 
$0.9998 
↓0.03% 
$3.23M
LTC 
$54.885 
↓1.7% 
$2.88M
XMR 
$124.49 
↓1.7% 
$2.2M
ADA 
$0.0953 
↓3.6% 
$1.79M
FIL 
$32.572 
↓3.0% 
$1.52M
XTZ 
$1.9325 
↓3.5% 
$1.31M
REP 
$13.564 
↑10% 
$1.0M
ATOM 
$4.6354 
↓3.5% 
$908K
PAXG 
$1875.0 
↓0.9% 
$869K
TRX 
$0.0265 
↓1.3% 
$645K
XLM 
$0.0773 
↓1.2% 
$592K
ALGO 
$0.2572 
↓6.9% 
$582K
GNO 
$45.600 
↑12% 
$582K
MLN 
$20.173 
↓4.7% 
$564K
CRV 
$0.4434 
↓9.9% 
$474K
EOS 
$2.6388 
↓0.6% 
$448K
YFI 
$10776. 
↓14% 
$409K
OMG 
$2.8883 
↓5.9% 
$406K
COMP 
$96.937 
↓10% 
$405K
DAI 
$1.0083 
↓0.12% 
$394K
KAVA 
$1.4592 
↓7.4% 
$390K
ETC 
$5.4040 
↓1.9% 
$390K
REPV2 
$12.438 
↑0.17% 
$300K
OXT 
$0.2131 
↓6.4% 
$299K
ZEC 
$56.884 
↑0.06% 
$295K
DASH 
$67.069 
↓1.4% 
$286K
WAVES 
$3.0221 
↓0.8% 
$275K
BAT 
$0.1892 
↓3.1% 
$219K
ICX 
$0.3379 
↓0.27% 
$171K
UNI 
$2.5392 
↓5.0% 
$170K
STORJ 
$0.3382 
↑2.2% 
$122K
SNX 
$3.2352 
↓10% 
$117K
QTUM 
$2.0339 
↓2.4% 
$117K
SC 
$0.0025 
↑2.2% 
$95.6K
XDG 
$0.0025 
↓0.29% 
$86.4K
KSM 
$30.019 
↓4.7% 
$78.9K
NANO 
$0.7723 
↑1.3% 
$73.0K
LSK 
$1.0491 
↓1.6% 
$59.5K
KNC 
$0.8161 
↓4.8% 
$53.7K
BAL 
$10.380 
↓4.2% 
$28.7K



#####################. Trading Volume by Asset. ##########################################

Trading Volume by Asset


The figures below break down the trading volume of the largest, mid-size, and smallest assets. Cryptos are in purple, fiats are in blue. For each asset, the chart contains the daily trading volume in USD, and the percentage of the total trading volume. The percentages for fiats and cryptos are treated separately, so that they both add up to 100%.

Figure 1: Largest trading assets: trading volume (measured in USD) and its percentage of the total trading volume (October 29 2020)



Figure 2: Mid-size trading assets: (measured in USD) (October 29 2020)



Figure 3: Smallest trading assets: (measured in USD) (October 29 2020)



#####################. Spread %. ##########################################

Spread %


Spread percentage is the width of the bid/ask spread divided by the bid/ask midpoint. The values are generated by taking the median spread percentage over each minute, then the average of the medians over the day.

Figure 4: Average spread % by pair (October 29 2020)



.


#########. Returns and Volume ############################################

Returns and Volume


Figure 5: Returns of the four highest volume pairs (October 29 2020)


Figure 6: Volume of the major currencies and an average line that fits the data to a sinusoidal curve to show the daily volume highs and lows (October 29 2020)



###########. Daily Returns. #################################################

Daily Returns %


Figure 7: Returns over USD and XBT. Relative volume and return size is indicated by the size of the font. (October 29 2020)



###########. Disclaimer #################################################

The values generated in this report are from public market data distributed from Kraken WebSockets api. The total volumes and returns are calculated over the reporting day using UTC time.

Source: https://blog.kraken.com/post/6715/kraken-daily-market-report-for-october-29-2020/

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Blockchain

TA: Bitcoin Regains Strength, But Break Above $13,700 Holds The Key

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Bitcoin price is up over 3% and it gained strength from the $13,000 support against the US Dollar. BTC is now facing a heavy resistance near the $13,650 and $13,700 levels.

  • Bitcoin remained well bid above the $13,000 level and it started a fresh increase.
  • The price broke the $13,500 resistance and settled above the 100 hourly simple moving average.
  • There is a connecting bullish trend line forming with support near $13,050 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair must settle above $13,650 and $13,700 to continue higher in the near term.

Bitcoin Price Starts Fresh Increase

Yesterday, we saw a sharp downside correction in bitcoin price below the $13,500 support level. BTC even broke the $13,200 support level and spiked below $13,000.

However, dips were limited below the $13,000 support and the price bounced back sharply. It broke the $13,200 and $13,380 levels to move back into a positive zone. There was also a break above the $13,500 resistance and the price settled nicely above the 100 hourly simple moving average.

Bitcoin is now facing a heavy resistance near the $13,650 and $13,700 levels. It already made two attempt to gain strength above $13,650, but failed.

The recent high was formed near $13,672 and the price is currently correcting lower. It broke the $13,500 level, plus traded below the 23.6% Fib retracement level of the upward move from the $13,976 swing low to $13,672 high.

Bitcoin Price

Source: BTCUSD on TradingView.com

There is a major support forming on the downside near the $13,330 level and the 100 hourly simple moving average. It is close to the 50% Fib retracement level of the upward move from the $13,976 swing low to $13,672 high. There is also a connecting bullish trend line forming with support near $13,050 on the hourly chart of the BTC/USD pair.

On the upside, the bulls need to clear the $13,650 and $13,700 resistance levels to continue higher. In the stated case, the price could easily drift towards the $14,000 resistance.

Downside Break in BTC?

If bitcoin fails to clear the $13,650 and $13,700 resistance levels, there is a risk of a downside break. The first key support is near the $13,330 level and the 100 hourly SMA.

A downside break below the $13,330 level and the 100 hourly SMA could spark a fresh increase in selling. In the stated case, the bears may perhaps attempt a bearish break below the trend line and $13,000.

Technical indicators:

Hourly MACD – The MACD is slowly moving back into the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is still above the 50 level.

Major Support Levels – $13,330, followed by $13,000.

Major Resistance Levels – $13,650, $13,700 and $14,000.

Source: https://www.newsbtc.com/analysis/btc/bitcoin-regains-strength-13700-key/

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Fidelity’s Crypto Subsidiary Targets Asian Investors To Buy Bitcoin

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  • Fidelity Digital Asset Services (FDAS) has partnered with Stack Funds to enable Asian investors to purchase and store cryptocurrency assets more freely and securely. 
  • Based in Singapore, Stack Funds is a regulated fund manager focusing on Bitcoin and other digital assets.
  • According to the Bloomberg report, Stack Funds will make Fidelity’s secure custody services available to its clients, primarily based in Asia. The company outlined that the Asian market has been continuously growing in demand towards the cryptocurrency industry, especially from high-net-worth investors and family offices.
  • Stack further explained that all assets under its management will be audited monthly. The firm will provide insurance coverage, weekly contributions, and redemptions to enhance capital security.  
  • Stack’s co-founder, Michael Collett, said that Fidelity’s involvement will enable its company to attract even more investors from the region. 
  • On the other hand, Christopher Tyrer, head of Fidelity Digital Assets Europe, believes that “there’s a critical need for platforms which have a deep understanding of what local and regional investors are looking for.” However, he admitted that the digital asset space has “historically lacked” such platforms. 
  • After its success in the US, Fidelity Digital Assets expanded its cryptocurrency services to Europe last year. The company aims at entering the Asian market as well now with the Stack Funds partnership. 
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Source: https://cryptopotato.com/fidelitys-crypto-subsidiary-targets-asian-investors-to-buy-bitcoin/

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